Marketing Principles Essay Example | Topics and Well Written Essays - 3750 words

Marketing Principles - Essay Example As noted in the report, when intending to launch a new product, market research should be carried out first in order to establish the needs of the people. Marketing messages should be tailored in such a way that the product is presented as better than other similar products offered in the market. The message should also be designed in such a way that it can positively change the behaviour and attitude of people. Table of contents 1.0 Introduction 3 1.1 Task1 3 1.2 How Nike increases customer satisfaction 5 2.1 Task 2 6 2.2 Segmentation criteria used by Nike 7 2.3 Market targeting used by Nike 8 2.4 Consumer behaviour 9 2.5 Perception maps 9 2.6 B2B marketing strategy used by Nike 12 2.7 International marketing 13 3.0 Task 3: Nike introducing new jersey 13 3.1 Marketing mix for the new jersey 14 3.2 Place 14 3.3 Price 14 3.4 Promotion 14 3.5 Extended marketing mi 15 3.6 Conclusion 17 References 19 1.0 Introduction This case study based essay seeks to evaluate and explain the marketing concepts that can be implemented by Nike in order to operate viably. The report is divided into three sections which deal with different marketing concepts and how they can be implemented by Nike group in order for it to achieve merit/distinction criteria in its operations. The first task deals with explaining the meaning of marketing as well as carrying out a SWOT analysis for Nike. The second task is particularly concerned with explaining different marketing concepts such as positioning, targeting as well as micro and macro economic factors and how they are impacting on Nike. The third task is an individual report about designing a marketing plan for a new Nike product as well as outlining the marketing strategy that can be used to present the product to the market. The last part of the report gives recommendations that can be adopted by Nike in order to operate effectively so that it can gain a large market share. 1.1 Task I Nike Inc. uses various elements of the marketing proce ss to develop and promote their product as well as to market them so that they can satisfy the needs and wants of the customers. In order to understand how these marketing elements are utilised by Nike, it is imperative to begin by explaining the meaning of the term marketing. a. Strydom (2004, p. 2) define marketing as â€Å"a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.† On the other hand, the Chartered Institute of Marketing (CIM) define marketing as â€Å"the management process that responsible for identifying, anticipating and satisfying customer requirements profitably.† From these two definitions, it can be seen that marketing is a managerial function that is concerned with satisfying the needs of the customers as well as the organization profitably. According to Reuters (2013), NIKE, Inc. â€Å"is engaged in the design, development and worldwide mark eting and selling of footwear, apparel, equipment, accessories and services.† No doubt Nike embraces the basic tenets of marketing in its operations in a bid to satisfy the needs of the customers profitably. The company harnesses the strategy of brand equity to gain a competitive advantage given that its products are valued and treated with great esteem by the customers since they are different from other similar products in